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How VCs Think About Midwest Startups with Sramana Mitra

Sramana Mitra

I really find Midwestern investors very interesting to talk to. While the broader trends are the same throughout the US, I find Midwestern investors to be uniquely pragmatic. Their feet are much more firmly planted on the ground. We see a lot of investors in the Midwest very interested in good fundamentals business. They’re often more interested in capital efficient startups. Early exits at modest multiples are much more acceptable with Midwest investors.

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I really find Midwestern investors very interesting to talk to. While the broader trends are the same throughout the US, I find Midwestern investors to be uniquely pragmatic. Their feet are much more firmly planted on the ground. We see a lot of investors in the Midwest very interested in good fundamentals business. They’re often more interested in capital efficient startups. Early exits at modest multiples are much more acceptable with Midwest investors.

If you want to build a Unicorn startup or get financing from outside your own geography, that is perfectly acceptable today too. As an entrepreneur building your startup in the Midwest, however, you may have more financing options within your own geography with investors looking for more reasonable investment and outcomes.

Raising money is a low probability game. You need to understand how investors think to be able to raise money successfully for your startup.

During this course, I will be teaching how investors in the Midwest of the United States think about and analyze startups. We will have in-depth conversations around startups with several real world investors.

Designed for tech entrepreneurs and aspiring entrepreneurs interested in building startups in the Midwest, this course provides insights into the minds of several investors operating in this region for many years in their own words.

We hope you will join us.

The 1Mby1M courses are all heavily based on interview-based case studies on Innovation, Business Models, Go To Market Strategies, Validation Principles, and various other nuances of an entrepreneur's journey. We offer extensive opportunities for entrepreneurs to learn the lessons from the trenches from successful entrepreneurs who have done it before and Investors who support their ambition.

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What's inside

Learning objectives

  • Through in-depth interviews with prominent investors, learn how investors think about midwest startups.
  • What investor-entrepreneur fit is and how to look for it before looking for funding.
  • Why 99% of entrepreneurs who seek funding get rejected by vcs.
  • Why traditional vcs only invest in hyper growth startups.
  • What the key considerations are for investors when they evaluate startups.
  • How entrepreneurs can position themselves for success while building a startup.
  • What some of the common mistakes are that entrepreneurs make when pitching their startups to vcs.
  • The fastest way to find the relevant sources of funding when building a startup in the midwest.

Syllabus

Understand how investors in the US Midwest analyze startups.
Introduction
How Do Investors Think About Midwest Startups?

Discussion on how to win the low probability game of startup fundraising.

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Max Brickman, Founder at Heartland Ventures, talks about his firm’s investment thesis.

Mark Achler, Managing Director, MATH Venture Partners, discusses their investment strategy and the industry trends. This discussion took place in 2017 and the next lecture is our next conversation in 2021.

Mark Achler, Managing Director at MATH Venture Partners, focuses on B-to-B selling as a key factor in startup success.

Mark Hasebroock is Founder at Dundee Venture Capital, based in Omaha, Nebraska. During this podcast interview, Mark tells us the firm invests in the Midwest, likes small, capital-efficient deals and are open to early exits.

Ira Weiss, General Partner at Hyde Park Venture Partners based in Chicago, talks about venture activity in the Midwest during this podcast interview.

George Spencer, Senior Managing Director at Seyen Capital, invests in SaaS companies, mostly in the Midwest, from a small fund out of Chicago. This podcast interview includes an excellent discussion on ideal levels of capitalization for good exit prices.

Next steps.

Please pick your favorite case studies from the course and run them through a validation and positioning exercise. Use the 1Mby1M Self-Assessment questionnaire and try to answer each question in it.

Bonus Lecture

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Save How VCs Think About Midwest Startups with Sramana Mitra to your list so you can find it easily later:
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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in How VCs Think About Midwest Startups with Sramana Mitra with these activities:
Review Startup Valuation Methods
Refresh your understanding of startup valuation methods to better understand how VCs assess potential investments.
Browse courses on Startup Valuation
Show steps
  • Research common startup valuation techniques.
  • Practice applying these techniques to sample startups.
Read 'Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist'
Gain a deeper understanding of venture capital deals and negotiations from both the entrepreneur's and investor's perspectives.
View Startup Boards: A Field Guide to Building and... on Amazon
Show steps
  • Read the book cover to cover.
  • Take notes on key concepts and deal terms.
  • Reflect on how these concepts apply to Midwest startups.
Compile a List of Midwest-Focused VCs
Identify and categorize venture capital firms that actively invest in Midwest startups to build a targeted fundraising list.
Show steps
  • Compile contact information for each firm.
  • Research VC firms based in the Midwest.
  • Categorize firms by investment stage and focus.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Read 'Zero to One: Notes on Startups, or How to Build the Future'
Explore broader startup strategies and philosophies to complement the Midwest-specific insights from the course.
View Zero to One Summary on Amazon
Show steps
  • Read the book and highlight key takeaways.
  • Consider how Thiel's ideas apply to Midwest startups.
  • Discuss the book with other entrepreneurs.
Write a Blog Post: 'Midwest Startup Ecosystem'
Solidify your understanding of the Midwest startup ecosystem by researching and writing a blog post about its unique characteristics and opportunities.
Show steps
  • Research the Midwest startup ecosystem.
  • Outline the key points of your blog post.
  • Write and edit your blog post.
Develop a Pitch Deck for a Hypothetical Midwest Startup
Apply the insights gained from the course by creating a pitch deck tailored to the preferences of Midwest VCs.
Show steps
  • Develop a business plan for a Midwest startup.
  • Create a compelling pitch deck.
  • Get feedback on your pitch deck from peers.
Attend Midwest Startup Events
Connect with Midwest investors and entrepreneurs in person to build relationships and learn about the local ecosystem.
Show steps
  • Identify relevant startup events in the Midwest.
  • Attend the events and network with attendees.
  • Follow up with contacts after the events.

Career center

Learners who complete How VCs Think About Midwest Startups with Sramana Mitra will develop knowledge and skills that may be useful to these careers:

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in How VCs Think About Midwest Startups with Sramana Mitra.
Cover image
Zero to One Summary
Save
Offers a contrarian perspective on building startups, encouraging entrepreneurs to focus on creating monopolies and solving unique problems. While the course focuses on the Midwest, Thiel's principles can be applied anywhere. It provides a framework for thinking about innovation and competitive advantage, which is valuable for entrepreneurs seeking funding. This book is commonly used as a textbook at academic institutions or by industry professionals.
Zero to One Summary
Paperback
Check
Zero to One Summary
Kindle Edition
Check
Cover image
Startup Boards
Save
Explores the dynamics of startup communities and how to build a thriving entrepreneurial ecosystem. It's relevant for entrepreneurs and investors in the Midwest looking to strengthen their local startup scene. The book provides insights into the key factors that contribute to a successful startup community. This book is more valuable as additional reading than it is as a current reference.
Startup Boards: A Field Guide to Building and...
Hardcover
$$
Startup Boards: A Field Guide to Building and...
Kindle Edition
$$

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Effort
2.5 total hours
Via
Udemy
Instructor
Sramana Mitra
Language
English
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